Median Household Income by Age of Householder in New Freedom, PA (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in New Freedom. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in New Freedom.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $131,061 |
45 to 64 years | $138,485 |
65 years and over | $96,579 |
TABLE OF CONTENTS
New Freedom, PA median household income by age of householder
As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of New Freedom population by age, the median age in New Freedom is 47.1 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within New Freedom, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $138,485.
In terms of income distribution across age cohorts, in New Freedom, the median household income stands at $138,485 for householders within the 45 to 64 years age group, followed by $131,061 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $96,579.
For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the borough of New Freedom.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the three age groups with available Census data in both 2011 and 2021, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $47,353(96.20%), escalating from a median of $49,226 in 2011 to $96,579 in 2021. Conversely, the age group of 25 to 44 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $9,243(7.59%), increasing from a median of $121,818 in 2011 to $131,061 in 2021.
New Freedom, PA household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the New Freedom population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.
Upon closer examination of the distribution of households among age brackets, it reveals that there are 15(0.84%) households where the householder is under 25 years old, 499(27.92%) households with a householder aged between 25 and 44 years, 751(42.03%) households with a householder aged between 45 and 64 years, and 522(29.21%) households where the householder is over 65 years old.
In New Freedom, the age group of 45 to 64 years stands out with both the highest median income and the maximum share of households. This alignment suggests a financially stable demographic, indicating an established community with stable careers and higher incomes.
Age-wise distribution of New Freedom household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in New Freedom: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
---|---|---|---|---|
Less than $10,000 | - | - | 10 | 15 |
$10,000 - $14,999 | - | - | 14 | 17 |
$15,000 - $19,999 | - | - | 18 | 15 |
$20,000 - $24,999 | - | - | - | 36 |
$25,000 - $29,999 | - | - | 13 | - |
$30,000 - $34,999 | - | - | 63 | 25 |
$35,000 - $39,999 | - | 13 | - | 18 |
$40,000 - $44,999 | - | 18 | - | 14 |
$45,000 - $49,999 | - | 17 | - | - |
$50,000 - $59,999 | - | 25 | 92 | 25 |
$60,000 - $74,999 | - | 94 | - | 14 |
$75,000 - $99,999 | - | 57 | 34 | 193 |
$100,000 - $124,999 | 15 | 31 | 105 | 76 |
$125,000 - $149,999 | - | 85 | 138 | - |
$150,000 - $199,999 | - | 100 | 132 | 28 |
$200,000 or more | - | 59 | 132 | 46 |
To further explore the income distribution and gain insights into financial landscape of New Freedom when compared to the state of Pennsylvania and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:
- Householder under 25 years: It is impressive that 100% of the households in New Freedom, where householders are under 25 years old, are either within or surpass the income bracket representing the median income of $71,798 for the state of Pennsylvania. These 15 New Freedom households demonstrate a significant financial standing, aligning with or exceeding the median income of the state.
- Householder 25 to 44 years: In New Freedom, among households headed by individuals aged 25 to 44, an impressive 85.37% match or surpass the state of Pennsylvania median income of $71,798. These 426 households, represent a significant portion of the total 499 households in New Freedom within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In New Freedom, within the age group of 45 to 64 years, a remarkable 72.04% of households meet or exceed the state of Pennsylvania median income of $71,798. These 541 households, out of the total 751 households in this age cohort, signify a substantial portion of mature demographic of New Freedom, showcasing commendable financial stability in comparison to the Pennsylvania state median income benchmark.
- Householder 65 years and over: In New Freedom, among the over 65 years age group, an impressive 68.39% of households either match or surpass the state of Pennsylvania median income of $71,798. These 357 households, constituting a significant portion of the New Freedom borough senior population, showcase commendable financial stability compared to the Pennsylvania state median income benchmark.
Things to know
Which age group reports the highest median household income in New Freedom, PA?
In New Freedom, households led by individuals aged 45 to 64 years report the highest median household income of $138,485 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in New Freedom, PA?
In terms of income distribution across age cohorts, in New Freedom, the median household income stands at $138,485 for householders within the 45 to 64 years age group, followed by $131,061 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $96,579..
How does the median household income for households led by individuals of median age compare in New Freedom, PA?
The median age in New Freedom is 47.1, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within New Freedom, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $138,485.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)